India VIX was down by 0.68% from 11.01 to 10.93 levels on Wednesday. Volatility sunk lower and is hovering near its lower band which may support the bulls near immediate support zones.
On the weekly options front, the maximum Call OI is placed at 19500 and then towards 19600 strikes while the maximum Put OI is placed at 19300 and then towards 19400 strikes.
Minor Call writing is seen at 19450 and then towards 19500 strikes while the Put writing is seen at 19300 and then towards 19250 strikes.
“Options data suggests a broader trading range in between 19100 to 19700 zones while an immediate trading range in between 19300 to 19550,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a bearish candle on the daily scale on Wednesday and broke its higher lows formation of the last two sessions,” he said.
“Now the index has to hold above 19333 zones to extend the move towards 19450 then 19525 zones while on the downside support is intact at 19333 and 19250 zones,” recommended Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
NALCO: Buy| Target Rs 91| Stop Loss Rs 81
Shriram Finance: Buy| Target Rs 1880| Stop Loss Rs 1760
PB Fintech: Buy| Target Rs 780| Stop Loss Rs 702
Expert: Nooresh Merani, an independent technical analyst told ETNow
ONGC: Buy| Target Rs 180| Stop Loss Rs 164
Ashok Leyland: Buy| Target Rs 190| Stop Loss Rs 164
Biocon: Buy| Target Rs 280| Stop Loss Rs 250
Expert: Kunal Bothra, Market Expert told ETNow
PEL: Buy| Target Rs 1050| Stop Loss Rs 900
PNB: Buy| Target Rs 72| Stop Loss Rs 56
BHEL: Buy| Target Rs 100| Stop Loss Rs 90
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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